随着创新药价值得到市场认可,上游CXO板块的关注度也显著提升。细分来看,当前CDMO已印证全球需求的高景气。商业化项目驱动国内龙头公司新签订单高增,部分龙头公司订单在2024年已看到改善趋势。随着项目陆续交付,2025年CDMO公司在业绩端持续复苏。临床前及临床CRO则主要以国内业务为主,此前国内外需求均阶段性承压。展望后续,CRO端亦将迎来复苏,部分公司订单25Q2已初现拐点。国金证券表示,...
Source Link随着创新药价值得到市场认可,上游CXO板块的关注度也显著提升。细分来看,当前CDMO已印证全球需求的高景气。商业化项目驱动国内龙头公司新签订单高增,部分龙头公司订单在2024年已看到改善趋势。随着项目陆续交付,2025年CDMO公司在业绩端持续复苏。临床前及临床CRO则主要以国内业务为主,此前国内外需求均阶段性承压。展望后续,CRO端亦将迎来复苏,部分公司订单25Q2已初现拐点。国金证券表示,...
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